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sure the government does not shut down. he tried to take that specter off the table. but this is a very tough fight that's getting more and more problematic, larry, because the president said he's going to break the habit of crisis-driven fiscal negotiations. if he's going to succeed in that, somebody is going to have to break and it may have to be soon because treasury secretary geithner said this afternoon we could hit the debt ceiling and exhaust all the extraordinary measures he's been taking as soon as one month from now. >> you know, john, 2010, 2011, the 2012 he negotiated. he voted against the debt ceiling i believe in 2006. why all of a sudden does he not want have to have negotiations? >> i think will's happened, larry, is that the president spent 2011 and 2012 with republicans squeezing him on his priorities, having opposed him during the first two years of his presidency. then that really had the wind at their back. the tea party election of 2010 had given republicans very big numbers on the hill. and he's decided that he backed up, and he backed up and he backed up, and he'
he does not want spending caughts and i dare say he would be happy to see in reverses in government spending. so that does not jive with what the house is doing. >> that is a fair point. some critics say inside of the house conference there is a real fight. they want to take these bold stances on the ten year balanced budget so they can get some leverage to fund the government when it comes up for a vote in a couple of week. >> no, i think they are doing the lord's work. thank you very much. we have a couple of special guests to tell us more. democrat from vermont, shawn duffy, republican from wisconsin. to both of you gentlemen friends of this show i wish you a happy new year. mr. boehner attached a bublg et to this. >> there are no specific cuts. where in medicare or the pentagon are they going to cut? they have to specify that before you can have a serious conversation. i don't think members of congress should be playing with fiscal fire which is what we are doing when we use a tactic as a threat to plunge america into defought. i believe that republicans and democrats should den
the spending cut fight on the upcoming continuing resolution to fund the government. >> i didn't hear any focus on spending cuts. and i didn't hear any focus on the sequester. and i'm looking at rasmussen polls that show me that the public wants across-the-board spending cuts. and you and i both know the republican base is hungry for that after getting hosed in that high tax bill. >> i think you're a bit off, larry, respectfully in that republicans i think want to have these spending cuts. but they're picking a strategic battle. and you could be right in saying they're picking the wrong battle. but they don't want to have the spending battle on the debt limit. they want to have it on the cr, that continuing resolution to fund the government for the rest of the year. >> well, i am 100% -- look, i do not want to mess with the debt ceiling. i don't want to mess with that. that's a domestic and international global meltdown. so to that extent i agree. i just didn't hear the rest of the story laid out very coherently regarding spending. i didn't hear it from paul ryan, and i didn't hear it from the
at all. i think this was an exercise in showing that the government and the bank of japan, the central bank are on the same page. they certainly delivered that. i think the fact that it's an open-ended asset purchase program, it was more than what the markets had been factoring in. i think the dollar/yen moves are sort of moving independently right now. and i think a lot of that has to do with the comments that we had from government saying, oh, we're not trying to manipulate the currency, which throws into question this competitive devaluation story they were banking on. instead of being explicit about that over the last couple of weeks, now they're going to have to be a little bit more implicit about that. but the man of the hour, mr. shiraka shirakawa, the bank of japan, here is what he had to say. >> translator: japan believes growth is important. we teamed up with the dwoft to strengthen our policies and work on this goal together as one. >> let's take a look at the technicals about this 2% inflation target. because at the same time today, the bank of japan is saying the price of
straight quarters of slow growth. >>> the british government says there's no indication that the hostage crisis is over in algeria as the reports emerge that doesz may have been killed in a rescue operation. >>> investors are unnerved by big spending plans in 2013. plus, glencore pushes back its mega merger by weeks as the regulatory commission begin necessary south africa. >>> welcome to the program. i want to bring you some breaking news in terms of energy prices. the iea is out with its latest 2013 oil report. it expects u.s. oil demand to remain flat on the year. but the headline here does appear that the market, according to the iea language here, is tighter than we thought. all of a sudden, the market looks tighter than we thought. that's the main message we're getting from the organization. it says the world forecast to consume about 90.8 million barrels per day in 2013, up by about a quarter of a million since december. despite seeing the u.s. slight to even negative, seen as driving increase in demand and global supplies felly 170,000 barrels per day in december to 192 million.
, the fourth-largest investment bank in the world. >> isn't the government supposed to protect the investors? >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> welcome to 60 minutes on cnbc. i'm bob simon. even though fraud played a significant role in the 2008 meltdown of the american economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster, a former senior executiv
are moving forward. they're diversified. it would be nice to see stated and local governments address the pension plans the way they did. >> absolutely. we'll check in with you later. >>> it's a big week for the defense industry as well, lockheed martin and northrup grumman report this week. jane is here for a preview. >> reporter: across the board for pretty much defense company, analysts are expecting a drop in earnings year over year, but jason gersky says don't expected to see a fiscal cliff impact. >> on the contrary, there's an opportunity for rates to out-perform expectations. that's because the d.o.d. was trying to get as many contracts done in the fourth quarter in anticipation of sequester potentially being implemented in early january. >> he and others expect flat demand from the defense department, but international growth looks good, international sales have higher margins. gursky likes lockheed martin and ratheon for their patriot systems which could be big in any iran/israel conflict. and he expects these companies to have 8% to 12% returns. will that continue? one othe
of the european ones are under pressure by the government. but the problem is, if you look at issues in the u.s., they're just so low. there's no ability to cut in the long-term. how do you push through entitlement reform and address those issues, especially if there's no market pressure right now? >> my sense is that you don't. i don't understand how that can be achieved and, therefore, i suppose what i struggle with is what solution can the government find? the bank of japan, if you monetize the debt in a low inflationary environment, is this a free lunch? >> right. >> in the uk, it has turned out to be a free lunch. would it in japan? possibly, yes, and, therefore, i wonder if these issues ever will be addressed. >> and what's so interesting, you're seeing these bizarre rates happening in a monetary policy. we feel like we're in a whole new regime where people feel like it doesn't matter at all. wondering if it matters at all how much you spend and borrow in these situations. how does it change, if at all your strategy from here? >> it makes having a long-term strategy really, really tough
quick road map for an economic boom. start off with major cuts in government spending. we should stop paying people not to work. then cut large and small business tax rates to about 25% or less. both large and small business. finally, president obama, please, ease up on all the regulations. i want to talk about this because nobody should be satisfied with 2% growth. let's talk to our friend dean baker from the center for economic and policy research. welcome to both of you. all right, dean, i think 2% is way too low. i think we should be striving for something that's more than twice and that history of america. why can't we get there? >> i agree that's way too low. your policies, they tried that unity, they're back in recession or maybe they're scraping along. that's not going to do it. the story here, two issues. one, we are going to see slower growth because we have lower population growth and that's because people didn't have kids 30 years old. i don't know if you want to blame president obama for that, that's strange, but you can do so. this was a qualitatively different type of r
hurdles, the government probably wouldn't allow a tie-up between two of the biggest miners in the country. it's looking not too bad right now. we've had the iron ore price jump up to levels that we haven't seen in more than 12 months. but rio is out with production numbers earlier on this week revealing that it's sought strong demand for iron ore innous trail ya over the 2012 calendar year and it is, of course, pressing ahead with massive expansion plans in northwestern australia. just how successful those are, of course, time will only tell. >> great. matt, thank you very much for joining us this morning. fascinating story. >> what's interesting, sam walsh, who is going to replace him on the scene as an operations guy, and it probably looks back at the reason he's going is because they misunderstood the operation or requirements in mozambique. >> they may have overpaid for the assets, but they also underplayed how difficult it was going to be, the infrastructure requirement, right? because they were going to load this stuff on to a barge, take it down the river. the amount of infrastruct
implementation of obama care next year. which is one of the themes i told you about last week, the government made me do it theme. the staffing companies are in flago right now. and i think they'll stay that way for the rest of the year. i think in part because of the affordable care act. they are ultrasensitive to changes in the labor market. temporary employment is more cyclical than regular labor market. first to be hired when the economy comes back. and coming back is exactly what the economy is doing right now. just today we saw the jobless claims drop to the lowest level in five years. >> house ofre. >> full-time employment up 1.4% in 2012, the total number of temporary employees increased by 6.2%. that rapid growth is expected to continue in 2013. the street is looking for 5% growth in temporary employment this year. however, i think that number could ultimately end up being conservative thanks to the affordable care act. aka obama care. once that goes into affect in 2014, companies that employ more than 50 full-time workers will need to provide employees with expensive health care cov
, it all boils down to there's a very different vision when you're talking about a government that takes about 23%, 24% of gdp and one at 20%, 21% like budget chairman ryan proposed. as we began this debate, they can't even agree on where we start because democrats believe we've already cut $1.7 trillion to $3 trillion all from domestic and defense, nondefense discretionary spending which, of course, that's not true. >> wait a minute. >> $3 trillion in discretionary -- >> no, $1.5 trillion is how the cbo. >> republicans will give you $900 billion and cbo -- you canted even agree where you're starting. >> that is a problem. >> true. but if -- what does it tell you that the ryan budget had essentially no medicare savings in the first ten years? in other words, you have a contest to cut entitlements, and the republicans say to the president, put some cuts on the table. democrats say the reverse, but we haven't seen them from anybody. >> she needs no introduction. that, of course, the first lady of the united states, michelle obama. she has changed her hairstyle. there will be a twitter poll
and that would cost the go government more. >> that's not what i'm asking. low interest rates enabled the debt to accrue to the level it has. doesn't he have a moral responsibility to tell them ways to address it? >> absolutely. >> i mean, i don't think there's any question about that, exactly what you're saying. every time he talks, you almost feel as though what he's saying he wants to say more than what he is saying. what he needs to say is everything is in terrible shape. everything looks horrible and you better get your act straight because this country is going down the tube. >> he has said repeatedly when we go over the fiscal cliff, if we go over the fiscal cliff, we don't have any more tools. he says it a lot. >> it's even been stronger than that, maria. he has very much said what the beige book is saying right now which is that it's having a current effect. it's not in the future. >> agreed. >> i've got to say this. when we talk about interest rates, you know, staying low, objection remember, the government only can effectuate or affect the discount rate and the fed funds rate. most
nothing to do with our inability to govern our own spending and taxes. but anytime one tries to hold it, that is when it is wrong. whatever you want to call it, when you have a moral and constitutional obligation you shouldn't mix it up with things you want to do politically. i come back to you, there is the see quester that was done in late 2011. and on top of that, we have to have a continuing resolution to let the government run. my suggestion is that you give yourself time to get that done. >> maybe we can rise beyond some of our constituentsys which are screaming in our ears don't compromise. >> maybe you can change the order that these fall. if you want to line up where you are spendingwise. but i have to disagree with my buddy charlie and i think the moral obligation here and the way that you keep us from being downgraded how do we tell the markets that we are doing something to tell the debt curve what it is about to do to the country. >> if it looks like you are trying to parcel out, there are 80 million payment accounts in the american government and you are rying to give out
the gravity of a u.s. government shutdown? does it not comprehend it's not merely the nation's credit rating that's at risk from the debt ceiling debacle? but the full faith and credit of the republic itself? how long can we shrug off this grand canyon plunge that's coming? as we did again with another benign day, dow tipped 29 points, and nasdaq advance advanced .22%. this is behavior. is the market actually smarter than you and i think? i'm starting to believe the latter and tonight i'm going to tell you why. first, i don't necessarily want to invest in a country if it doesn't pay its bills. dead beat country, but i don't mind if it can't pay for its bills but for a moment refuses to. it must honor its debts no matter what. i believe passionately that we will pay debts in a timely fashion. congress is supposed to hold the purse strings, but the american people are less stupid than washington thinks they are. they lived through another one of these scares. that time, we were frightened, frightened about what a ratings agency downgrade would mean to the country. do you remember where you wer
.s. debt ceiling or risk causing irreparable harm to the economy. he says the government will run out of tools to avoid a default by late february, early march. the u.s. credit rating is not a bargaining chip or hostage that can be taken to avoid any political agenda. president obama again rejected any negotiation with republicans over the debt ceiling. i love the debt clock. it's almost as fast as the amount of money they're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears
enough for their retirement. they are increasingly reliability on government funding so that is a long-term problem. in fact, that's one of the reasons that we haven't been able to see a robust recovery is we don't have that catalyst for growth, ie the consumer taking on new amounts of debt and spurring new consumption because we're still de-leveraging from the decades of debt accumulation we've gone through. clearly this is a long-term probable. if we're focusing on just 401(k)s i don't see this as a net negative, people being able to access their own funds and use them as they see appropriate. >> i definitely don't recommend it. >> steve, while i have you here, i understand you have more detail on secretary geithner's letter to speaker boehner. >> right. >> what can you tell us. >> on the one hand it's completely expected. there are four extraordinary measures that the treasury secretary is allowed to invoke as we near the debt ceiling. what he did in this letter that just came out is he invoked the third one. i believe all four of these measures are built into the existing timetable
government budget balancing is hurting employment and will probably lead to more job losses in the near future. >> all right. let's take a look at the markets this morning. markets have been sitting at these record levels. you can see right now those dow futures pulling down by about 12 points. s&p futures are indicated slightly lower, as well. but the nasdaq is indicated higher. the dow jones transport sitting at an all-time high. other markets sitting at five-year highs. the big question is whether the dow jones industrial average follows suit. you're a huge transport. >> yeah, i am. that's all all-time highs. >> all-time high. oil prices, you can take a look. you'll see right now is down by about 2 cents to 95.54. the ten-year note that had been coming down the yields last week a little bit, you can see the yield right now is at 1.877%. the dollar this morning after the euro picked up strength last week, the dollar is stronger against the euro and the yen and the pound. right now, dollar/yen is at 88.79. gold prices this morning up about $5.80. $1,6933. >>> german chancellor angela m
. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might even accept the sequester. some of the stakes appear to be fading from these disagreements that paralyzed washington at the end of last year. >> when i heard this original deal profrksd i thought it was on the condition that the senate eventually congress had to actually pass a budget finally. >> that's still on the table. >> that is still on the table. a little bit less clear is the fate of the idea that somehow pay would be suspended for members of congress if they don't pass a budget. >> right. >> there are questions about the constitutionality of that provision, but the entire provision is to try to force the senate to force a pass a budget, and the senate intends to do that. >> that's significant because it's written within the law that when you pass the budget the debt ceiling automatically gets raised and then you don't even have to have this discussion at all. even before the debt fight was pushed off in the spring the equity markets were off
of the facility in eastern algeria that simon referenced. neither b.p. or stat oil, nor the u.k. government nor the u.s. government able to provide any clarity about the state of that on peril rags. there are conflicting reports about casualties. b.p. along with other energy companies in the country are moving nonessential employees from algeria. once again, in the last hour the white house strongly condemning the attack on the plant and the white house spokesperson saying president obama is being briefed regularly on the situation. they would not provide any clarity about whether or not there are u.s. drones over algeria at this point. to give you the background, a group connected to al qaeda has claimed responsibility for this attack. they said it is in retaliation for fran's moving into mali. they tried to put a stop to islamic militants trying to take over that country. >> michelle, the earlier reports i saw in the associated press, news source, there were multiple fatalities, maybe as many as 35 among the whose stages. that is now an unreliable report, right? >> absolutely. at this point n
says the government has begun borrowing from the federal employee pension fund now to keep operating without surpassing its debt limit. these are some of the steps they can take. in a letter to congressional leaders, geithner says the move will free up $156 billion in borrowing authority. we've gone through that this morning. the action has been taken by other treasury secretaries and will not put in jeopardy any monthly pension payments. that's not a lot sounds like a lot. >> not a lot at all. >> fay back later. >>> the house approved $50.5 billion in long-delayed federal disaster aid to the victims of superstorm sandy yesterday by a vote of 241-180. the senate is expected to pass it. the house approved the aid in two parts. $17 billion in funds to cover immediate disaster relief. $33.5 billion in longer term reconstruction funds. >>> big day today as far as birthdays. maybe you're not aware of this -- especially it's appropriate today that it's this gentleman's birthday. >> who? >> whose birthday? >> his 112th birthday. >> google like some -- >> who's that? >> oh, we're going to ha
that the government will run out of money. there will be no authorization to spend anything more and the government could functionally shut down. is that involved here at all? >> not in a formal sense. but of course all of this is linked together, what the spending plans are to come up with cuts to avoid the budget sequester which neither party wants because it affects it in is indiscriminate way. and do you have the continuing resolution which would expire a couple of weeks before this deadline. and that is a bill to fund the government the rest of the year. that's comparatively easy because the government spending is on auto pilot. the budget see quester is tougher but still as long as you have only a short term extension of the debt limit, tyler, that issue will hang over the debate. you just won't hang over it the next couple of weeks. >> see you monday more the inauguration. >> you bet. >> now to another breaking news station. this one in algeria. things are still very fluid. the terrorists are still holding hostages 800 miles south of aljeers. they also want the blind sheik. he was tied to th
and government forces have fought over local power, ethnic hatred, and control of the minerals. we heard it firsthand from former rebel soldiers. this a school that teaches guerilla fighters who've laid down their guns how to be civilians again. >> [speaking in foreign language] >> this former major told us that when his troops controlled a territory, he demanded gold from every miner every day. >> male translator: we collected gold, and then we went to buy medicines. we went to buy ammunition. we went to buy guns. >> who sold you the ammunition and the guns? >> we would buy those things from congolese army soldiers. >> he's saying that government troops sold weapons to him, the enemy. congo is so destitute that even its army goes without pay and becomes just another predator among the villages. john prendergast worked on africa policy in president clinton's white house. now he runs a group called the enough project, that exposes war crimes. what keeps this war going? >> well, you know, follow the money. it's good old-fashioned greed. we got kings and corporations and countries that have
company, not just the united states. you need a government investigation and injugs to stop him if he wants to go higher. >> that seems to be the crux of mr. acman's argument. that eventually it will shut them down. >> obviously they can take profits heave, right? but this isn't -- i have 6:00 that if lobe and icahn want to come in at the same time that the company comes in with a buyback underneath action then this is a better long than a short. >> it's interesting in the conversations we've been having with lawyers, acman has boasted in the past he -- has more -- >> what's the price per lawyer, like a p.e. kind of thing? i think herbalife, this is a battleground like you wouldn't believe. will be back to where -- >> it's higher. >> right. i just think that you're misjudging michael johnson, if you think he's not going to be there buying back stock. he's a passionate man. i don't want to misjudge michael johns un. >>> coming up next, the need for speed, ducati and how they plan to rev up performance this year. [ male announcer ] you are a business pro. executor of efficiency. you can
of the government and that he did. so the rest of the proposals will be legislative and we'll have to see how they fare. >> as always, thanks eamon javers. the national rifle association is pushing back with a tough new ad campaign labelling the president an elitist hypocrite for allowing his own kids to have their protection. >> are the president's kids more important than yours? then why is he skeptical about putting armed security in our schools when his kids are protected by armed guards at their school? mr. obama demands the wealthy pay their fair share of taxes. but, he's just another elitist hypocrite when it comes to a fair share of security. protection for their kids, and gun free zones for ours. >> all right. the white house called the ad repugnant and cowardly. i think they are right. can i say something about this partisan back and forth. we have just come out of a heinous mass murder atrocity which is of course a complete national tragedy. all right. is it possible, just once that the republicans and the nra and democrats and the president can stop this cheap unseemly squabbling
about growth, the german government expected to slash in half its full-year outlook when it releases its annual economic report later today. according to the "business daily" there will be forecast growth of around .5%. >>> and representatives from central and eastern europe are gathering in vienna as we speak to discuss ways to jump-start growth and offset the effects of the eurozone debt crisis. joining us from vienna, our very own mr. geoff cutmore. what are they saying down at the conference there and about trying to get something going with europe? >> reporter: well, you've just read two stories that represent big nails in the coffin as it were, if that's not too melodramatic. as you talked to the ceos here at the conference, they complain and gripe about the slowdown in core europe. the fact that germany may have printed negative growth for the fourth quarter which represents a key market for many of these central and eastern european economies is really very bad news. so the reality is the growth s have disappeared here. the fdi isn't as strong as it used to be, residential constr
algerian workers escaped. as many as 41 workers were seized. algeria's government were in talks overnight about whether international forces could help against the militants. >>> when we come back, find out if your employer made the cut of the best employers to work for. before that, take a look at yesterday's winners and losers. ♪ ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. i have low testosterone. there, i said it. how did i know? well, i didn't really. see, i figured low testosterone would decrease my sex drive... but when i started losing energy and became moody... that's when i had an honest conversation with my doctor. we discussed all the symptoms... then he gave me some blood tests. showed it was low t. that's it. it was a number -- not just me. [ male announcer ] today, men with low t have androgel 1.62% (testosterone gel). the #1 prescribed topical testosterone replacement therapy, increases testosterone when used daily. women and children should avoid contact with a
, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit rating. >> the metaphors, jim, whether it's a family not paying the credit card bills, the president saying it's like dining and dashing at a restaurant, the only thing is we've got two weeks of respite and then we're off to the races again. >> after the civil war, there was tremendous partisanship in this country. a tumultuous time. the level of bipartisanship. there's such hatred that you can't get in a room. it never seems like obama gets in the room. biden got in the room beforehand. but look, everybody hates each other down there. it's exactly the opposite of what you would expect from a respected nation. it makes us look mickey mouse. i don't blame fitch. look, we have to pay bills, the constitution says it, but everybody doesn't seem
. in 1937 as we were coming out of depression, the government tightened fiscal policy, raised taxes and the fed raised rates and created a second downturn. this is what ben bernanke has studied his whole life and this is the mistake he refuses to make. >> jeff, wouldn't that be a mistake? i mean, isn't part of the equation that we're not talking about, demand? yes, there's a lot money out there and it's very cheap right now but the demand for that money is what's keeping the inflation lower right now, isn't it? >> i would tell you, yeah, i mean, the demand i guess is certainly the issue that he's trying to stimulate here, but i just don't know how you stimulate it by continuing to just devalue the united states currency. >> let me stop you there, jeff, because that hasn't happened. >> yes, it has. >> by what measure? >> if you look at the dxy, down 11% since qe started. >> okay. if that was also part -- if you read all. fed's and all of ben bernanke's literature on how to attack deflation and reflate, part of it is gently devaluing the dollar. competitive devaluations going around t
in the government's lap. what about that? >> maria, i couldn't disagree more with max. i believe that this is a very courageous proposal from the business roundtable put together by gary loufman of cesare's who used to be a colleague of mine at harvard business school. if you hit 65, the expectsy is 20 years. medical technology is learning how to keep people alive longer and longer, but we still have our disease-prone years hitting about the same time, in the late 50s, so i think people are going to have to work longer. we'll need these workers, and i think this is a very sound way to get medicare solvent. it won't be solvent today. unbounded costs in medicare. lifestyles are pushing it up and end-of-life issues, and there's just tremendous upward pressure on medicare costs, and i'm extremely concerned we won't be able to fund it, or else it will squeeze everything out of the budget. first of all this, proposal is going to be phased in. doesn't affect anyone at all who is over the age of 55, so they are all excluded, and, frankly, it won't phase in until people today are under 35, so you've got a lo
of a total government shutdown. still, it may lead to a downgrade in us debt. we are being told that the debt ceiling wrangling could be even worse for the country than going over the fiscal cliff. how is that for frightening? senator freddy krueger versus representative jason, hush-hush sweet speaker, whatever happened to baby budget? you get the picture so to speak. how about lululemon? this morning a reliable steady growth story. smaller paycheck. the end of the payroll tax holiday has to hurt retail doesn't it? and the facebook disappointment. you have this mystery announcement coming. instead we have an announcement of a tool to search information on big social networks. what a bust. yet the market didn't get hammered. there was no rally, and then we got the nap time and the fresh bull came to play into the bell. what is happening here? there have been different times along the way up where we had this same exact phenomenon like we are seeing here today. one at the beginning of the bull run. another occurred in the first three years in the '90s. we had about a half dozen since the new mi
and ceo of cheg, dan rosenweig is here. >> we've got breaking news from the federal government. senior economics reporter steve liesman has the story. >> the fed is supposed to release this morning the transcript from 2007. those are the ones where they tell you who said what during meetings. an unusual amount of attention to these, because this is the first response of the federal reserve to the crisis which you remember began in the summer of 2007. what are we going to be looking for? what folks were saying in three emergency meetings. three rate cuts totaling 1%. and of course, there was a big debate, inflation versus response to the financial crisis on august #th. putting out a statement saying the main concern was inflation, three days later the federal reserve said it would provide reserves as necessary to combat the financial crisis. here's why this is going to be historically important. the first declines there in 2007, then what we'll do is overlay inflation on this. you can see what the fed was dealing with at the time. you had rising inflation at the time. at the same time y
, the question is, you put in a hundred and you take out 400 in medicare and the government covers 300. >> and it makes no sense. >> well, no, but there are people that think that the government's roll is to provide that 300. and so we should raise taxes to the point where you -- it doesn't matter that you -- >> right. >> it doesn't matter. that is the redistribution. >> that's the agal tearan notion or the equality, the fairness in outcome. >> i'll give it to him. we'll ask the question. >> i just hope you got fired up watching lance. >> i'm fired up watching lance. i'm fired up for that interview. >> i can tell he hurt you. i could tell from when you were over there, you were looking for a hero. >> i was. lance armstrong hurt me. but hurt so many people. by the way, i had a yellow wrist band. i wear my blue wrest band with the kids on it now, but i used to wear a yellow one. >> now i'm understanding. you were permanently -- i never believed. but i have a question above and beyond that and my opinion changed when i think it was johnny bench changed my position a little bit. we expect
have the japanese government trying to really reboot that economy. you're seeing the chinese government and the new leadership trying to reboot their economy, so, if any, you're going to see probably an accelerated economy n.parts of the world i still think we'll have structural problems in europe and all the uncertainty about the united states so i don't believe it's going to be as bad as it sounds. the u.s. certainly may, but i actually think what's going on are -- and this is part of our messaging at blackrock, you need to look beyond the noise of the day or the week or the month. if you have a liability that's a 20 or 30-year liability, why do you care about what's going to happen in the next few months. >> sure. >> it may mean your entry level is higher or lower, but you're missing out, and so, you know, my message a year ago, you have to be in stoks stocks. for those not in stocks, what did we see, the s&p up 15% last year and we're up another 3.5% so far year to date. >> yeah. >> so far equity returns in the first 17 days this career are going to be better than your annualized re
the debt ceiling, which congress has to do periodically gives the government the ability to pay its existing bills. it doesn't create new spending or new government. so simply paying the -- not the most effective way to improve your credit rating. >> bernanke was speaking at the university of michigan. he gave no clear hints on what the fed could curve its aggressive bond purchases. on the economic agenda today, we had a number of key data points. coming at 8:30 eastern, we're getting retail sales, the producer price index. at 10:00, we have business inventories the. a lot of different numbers to roll through and assess this morning. >> and we have a new poll of small businesses finds a large majority of owners believe washington has become more hostile towards free enterprise in recent years. stop the presses. the survey was conducted on behalf of the job creator's alliance. a quarter of the respondents volunteered taxes as the most important issues facing american small businesses and that's double the response for any other issue. the next two were government and relagz. in other
in europe, a couple of downgrades for gdp forecasts from both the german government and world bank. italy is down by 1.5%. road map this morning starts off with the banks and earnings. jpmorgan higher. goldman sachs at 18-month highs. >> japan airlines grounding their entire dreamliner fleet. >>> dell shares falling this morning after david faber reports that a deal could be announced within two weeks, but at a price of 13.50 or 14 a share, he's got the details. >>> rising food costs taking a bite out of fourth-quarter earnings. shares down there. >>> goldman sachs blowing past street estimates with 560 a share. beating wall street frachts. jpmorgan posting better than expected earnings of 53%. jpmorgan's board cutting ceo jamie dimon's compensation in half to $11.5 million. this following an investigation of the bank's $6.2 billion trading loss. he respects the board's decision on this pay cut. interesting stories for both of them. of course, both of them a huge impact on the market this morning, jim. >> goldman sachts sachs is a quarter from the old days. people didn't think they could
recovery gdp could be 3%, offset by fiscal headwinds in the government, but we think it's a pretty good backdrop and seeing lots to do. travel all the time. been in europe and asia, there's some things we're very excited about that we're partnering with our clients, and i think we'll make good money. >> you also talk about being overweight real assets. what do you mean by real esas? >> one thing in our energy group, one of the pioneers in this group, going to the energy companies and also buying wells and oil in the ground so i would think about it ahead of our group who likes to say we're creating bonds in the ground so oil where you get a yield and inflation protection and growth. that's hard to match when you think about a tip security where you actually have to pay for the yield, so that's been a very exciting area. same thing in real estate. we've been doing a lot with the firm's balance sheet. one thing we try to eat what we're cooking and have almost a $7 billion balance sheet. ralph rosenberg who heads our real estate area very active with the firm's capital as well as partnerin
systems that are loved by governments. and that is terrible. plus we know that the enter price that has been ruled by the crowd. it is funny when the stock was only at 11 i thought what an opportunity. but as it got closer to 13. if you owned it you need to sell it if it goes closer to 14 tomorrow. let's talk about if the stock goes back to 10. at that time remember half of dell's business is global. it isn't including the possibility that we develop a tax regimen in this country. but that has to happen and it doesn't include the notion that you and i haven't thought of. a wealthy player that believes in the vision of being a one stop shop for the smaller business companies. the idea that could be considered reasonable. it will be replaced by a smartphone and a tablet that is certainly possible. if you think it is the latter than $11 well, i got to tell you, you should be in dell. this stock isn't going back to $8 and change. but you better wait until it cools down before you buy. as we know, no man's land is a very, very bad place to be. stay with cramer. next straight talk from the ke
they are getting these contracts not just government entities and they have streamlined their acts. is it a good-bye? >> it is an exceptional buy. we featured this stock in 2009. november of 2009. i think this stock has many, many, many points that it could run. i would like to see the company take action and break itself up. i think you have a winner rick. i would own harris. >> dana in california, dana. >> i was hoping to revisit an old friend that you mentioned when obama was visit elected avar. it is find of traded in a range between 25 and 35. it goes down and back up again. >> yes, and what is interesting it, it has had a spotty earnings record. it has had that up and down pattern. i liked the company but i did not help people by recommending it. down here, i don't know. you would have to have conviction that the earnings can be very good. i expect 2013 to be full of m and a action. that is something that the defense sector could be concentrating on. without a pea ovtakeover, the ss very, very cheap. >>> it is time for the lightening round. i want to start with eric. >> rh, what do you thi
the marketplace to create progress in health care, to more and more government controls, which will bog it down and raise costs. it will not produce the progress that we need in health care. >> what impact does this reform have on your business? >> it's raising costs. it's the opposite of being affordable health care because it's making it more expensive for businesses like whole foods. as a result, that's less money that we have to pay our team members for wages or other benefits. health insurance just grows as a percentage of what the total compensation that we're paying people is. >> i know you've been very thoughtful about this subject. you've been ceo since 1980. the company has done very well. you're offering coverage to employees working more than 30 hours a week. you've seen tremendous growth. your stock up more than 1,000% since the worst of the financial crisis. tell me about the consumers' attitudes about foods. has it changed over this time? the cost, the sources of their food, what kind of sentiment changes have you seen from your customers? >> lots of different trends in this soci
, every single democratic government on earth seems to be better organized and smoother functioning than ours. that uncertainty caused by that lack of confidence and higher payroll taxes might have something to do with the declines we're seeing. telco was a place to hide back in 2012. at&t and verizon saw slow downs. no let up in the subsidies to apple and samsung, we love these companies because they had no europe last year, no china, no mexico. now we wish they had all three and there was business formation. let's focus on the other half of the equation. it's a little more robust, where the money is going. last night china had one more remarkable session. holy cow, courtesy of new attitude. the gold double digit growth is taking up the fxi. follow along, but it is taking up the ancillary chinese plays, like coach. did you see that today? rallying more than $2. we are seeing steady gains in cummins. totalling chinese demand, truck demand. this one won't stop climbing. i say watch starbucks which is a gigantic expansion going on in china. i think it's going terrifically. and that stock i
in the crosshairs of government trying to make the budgets. justice department zapped them. doesn't matter. they will not let this one go. >> a good cautionary note as well. >> yes. >> when we come back, we'll find out how much longer boeing's dreamliners are likely to remain grounded. and did you hear about this? phil mickelson, why is he paying 62%, 63% tax? >> i like the nike add. >> all that, plus the opening bell in just a moment. [ construction sounds ] ♪ [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> you're watching cnbc "squawk on the street" live from the financial capital of the world. the opening bell is going to ring in a little less than 90 seconds. a busy week. everything from apple to microsoft to bristol-mye
his take on whether the debt ceiling should be used to force spending cuts from the government. ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. with multiple lacerations to the wing and a fractured beak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. >>> welcome back. this is the chart of the day. if this is going to continue right here and close, this is going to be the first time that apple closes below $500 since february of last year. so for this year apple is the worst performing stock on the nasdaq 100 and the second worst on the s&p 500, bill. >> our herb greenbe
in forming the government. netanyahu had called these elections in a way as a reflection of his policies on the west bank and settlements, the quelling of the uprising in gaza and, of course, israeli relations or lack of relations, i should say, with iran. many people and political observers there believe that this will then continue his relatively more hardline right-leaning policies on all of those three issues. netanyahu, according to exit polls, will once again be prime minister in israel. >> thanks, tyler. heading towards the close. about 50 minutes left in the trading session just off the highs of the day. a reminder. any positive close for the dow and s&p, new five-year highs. >> ameritrade getting a boost in trade today despite a drop in profits. stock is up 23% over the past three months. right after the break the ceo joins us with the real story behind this quarter and his concern of a proposed trading tax in europe and whether it could make its way here to america. >> also. big earnings reports after the bell coming your way. do not miss the numbers from google and ibm. they h
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